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Monday, July 23, 2018

Thomson Reuters News

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US Sorghum Reaches Spain as Traders Divert More Ships from China

A rare cargo of U.S. sorghum has arrived in Spain and will be followed by several more, shipping data showed, a sign that Spain's livestock industry is set to become one of the new homes for U.S. sorghum hit by Chinese anti-dumping tariffs.Exporters have been scrambling to divert hundreds of thousands of tonnes of U.S. sorghum bound for China after Beijing announced hefty anti-dumping deposits on the grain in mid-April, part of a simmering trade dispute between the world's two largest economies.Sorghum is mainly used in livestock feed and the fiery Chinese liquor baijiu.U.S.

File Image (CREDIT: AdobeStock / © Igor Strukov)

US Soy Cargo Set to Head for Singapore after China Offload

A vessel carrying over 70,000 tonnes of U.S. The Aeolian Fortune was one of at least six ships anchored off the Chinese coast as escalating Sino-U.S. The Peak Pegasus, another vessel carrying 70,000 tonnes of U.S. Beijing says it will impose an extra 25 percent import duty on more than 500 U.S. goods, including soybeans, on July 6, in response to Washington's plan to slap duties on $50 billion of Chinese goods. It was unclear whether the new tariffs would now be applicable to the Peak Pegasus cargo.

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US Oil Exports to India Soar Ahead of Iran Sanctions

U.S. crude oil exports to India hit a record in June and so far this year are almost double last year's total as the Asian nation's refiners move to replace supplies from Iran and Venezuela in a win for the Trump administration.U.S. President Donald Trump's administration has been pressuring its allies to cut imports of Iranian goods to zero by November and India's shift advances the U.S. administration efforts to use energy to further its political goals.The United States has become a major crude exporter…

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US Sorghum Ship Switches Destination from Spain Back to Asia

The RB Eden vessel carrying 70,000 tonnes of U.S. sorghum turned around just before reaching the Spanish port of Cartagena and is now heading to Singapore, Thomson Reuters Eikon ship-tracking data showed.This marks the second U-turn for the ship amid a trade tussle between the United States and China. Anti-dumping measures announced by Beijing in mid-April led exporters to divert hundreds of thousands of tonnes of U.S. sorghum. But China dropped its sorghum probe on Friday in what was seen as a goodwill gesture.The RB Eden initially loaded at grain merchant ADM's elevator in Corpus Christi…

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China's Tariffs on US Oil Would Disrupt $1 Bln Monthly Business

China's threat to impose duties on U.S. oil imports will hit a business that has soared in the last two years, and which is now worth almost $1 billion per month.In an escalating spat over the United States' trade deficit with most of its major trading partners, including China, U.S. President Donald Trump said last week he was pushing ahead with hefty tariffs on $50 billion of Chinese imports, starting on July 6.China said Friday it would retaliate by slapping duties on several American commodities, including oil.Investors expect the spat to come at the expense of U.S.

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New Rules on Ship Emissions Herald Sea Change for Oil Market

New rules coming into force from 2020 to curb pollution produced by the world's ships are worrying everyone from OPEC oil producers to bunker fuel sellers and shipping companies.The regulations will slash emissions of sulfur, which is blamed for causing respiratory diseases and is a component of acid rain that damages vegetation and wildlife.But the energy and shipping industries are ill-prepared, say analysts, with refiners likely to struggle to meet higher demand for cleaner…

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Fifth US Sorghum Vessel Heads to Spain

The RB Eden vessel carrying 70,000 tonnes of U.S. sorghum is heading to the Spanish port of Cartagena, Thomson Reuters Eikon ship-tracking data showed, in what will be a fifth cargo of U.S. sorghum to be diverted from China to Spain.The ship had sailed towards the Spanish Canary Islands after turning around in the Indian Ocean. Having circled off the coast of Tenerife, it changed destination late on Monday to Cartagena in southern Spain, a regular import terminal for livestock feed grain, Eikon data showed.Traders had been expecting the RB Eden to go on to mainland Spain, like four other U.S.

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U.S. Coal Cargo Reaches China, Beating Import Tariff Deadline

A vessel carrying 164,000 tonnes of coal from the United States reached Caofeidian port in northern China on Tuesday, Thomson Reuters Eikon ship tracking data showed. The vessel named Partnership is on schedule, while Beijing plans to impose steep tariffs next month on a list of U.S. At least three U.S. The other two vessels, Navios Taurus and West Trader, are expected to arrive at Jingtang port on July 18 and Aug. 10 respectively, according to Eikon data.

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Largest Oil Shipment Sent from Vancouver to China Since 2015

An Aframax tanker is scheduled to deliver the largest shipment of crude oil from Vancouver to China since January 2015 later this month, Thomson Reuters trade flow data show.For years, Canadian officials have pushed for an escalation in crude exports to rapidly growing Asian markets, but companies in the oil-rich Alberta have limited capacity to move crude to the nation's western coastline.That makes Canadian crude exports from Vancouver to Asia rare, but shipments have picked up in recent months, with oil tankers to China, Thailand and South Korea departing in April and July.

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China to Cut US Oil Imports Amid Trade Spat

Chinese oil buyers will keep taking crude from the United States through September, but plan to reduce future purchases to avoid a likely import tariff amid a trade spat between the world's two largest economies, multiple industry sources said.Beijing has put U.S. energy products, including crude oil and refined products, on lists of goods that it will hit with import taxes in retaliation for similar moves by Washington.Beijing did not specify when it will impose a 25 percent tax on oil…

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Australia's Port Kembla Reopens after Bulker Fire

A fire in the hold of a bulker ship on Monday briefly closed Australia's Port Kembla, the second-largest coal export port in New South Wales state, stopping shipping for eight hours.The port was shut soon after the blaze began before dawn on the MV Iron Chieftain as it unloaded dolomite, a mineral used in steelmaking which was destined for BlueScope Steel Ltd's nearby blast furnace. No injuries were reported."Shipping recommenced and the port reopened at 1130 (0130 GMT) and is expected to be back on schedule by around 1700…

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Top LNG Buyers Form Alliance to Push for Flexible Contracts

The world's biggest liquefied natural gas (LNG) buyers are clubbing together to secure more flexible supply contracts in a move that further shifts power to buyers rather than producers. Japan, China and South Korea are the world's biggest LNG importers, accounting for about 55 percent of global purchases, according to data from energy consultancy Wood Mackenzie. The countries' biggest respective buyers are joining together to extract concessions from producers that would give them supply flexibility such as having the right to re-sell imports to third parties…

Attack on Yemen's Port Would Push Country Nearer Famine -UN

An attack on Yemen's Hodeidah port would push the country closer to famine as humanitarian agencies have no other way to deliver all the food and aid that is needed, a U.N. official said on Thursday. A Saudi-led military coalition has been preparing an assault on the key Red Sea port, which is the point of entry for nearly 80 percent of Yemen's food imports. Earlier this month, a coalition source said the alliance was preparing facilities in Aden and Mukalla in south Yemen as alternative entry routes for urgent aid in the event that Hodeidah port was affected by military operations. But U.N.

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Qatari Export Costs to Rise as Port Ban Disrupts Trading

Region's largest bunkering hub shuns Qatari vessels; affected shippers may face delays, higher costs. The costs of Qatari energy and commodity exports are likely to rise as the United Arab Emirates' ban on Qatari vessels cuts the ships off from the region's main refuelling port, forcing ships to sail further for fuel or pay higher prices. Saudi Arabia and the UAE, along with Egypt, Yemen and Bahrain, on Monday cut diplomatic ties with Qatar amid accusations the country supported terrorists.

The Arleigh Burke-class guided-missile destroyer USS Fitzgerald (DDG 62) returns to Fleet Activities (FLEACT) Yokosuka following a collision with a merchant vessel while operating southwest of Yokosuka, Japan. (U.S. Navy photo by Peter Burghart)

US Warship Stayed on Collision Course despite Warning

A U.S. warship struck by a container vessel in Japanese waters failed to respond to warning signals or take evasive action before a collision that killed seven of its crew, according to a report of the incident by the Philippine cargo ship's captain. Multiple U.S. and Japanese investigations are under way into how the guided missile destroyer USS Fitzgerald and the much larger ACX Crystal container ship collided in clear weather south of Tokyo Bay in the early hours of June 17.

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India's Oil Imports Hit Record High in September

India imported a record 4.83 million barrels per day (bpd) of oil in September as several refiners resumed operations after extensive maintenance to meet rising local fuel demand. The world's third-biggest oil importer shipped in 10 percent more oil last month than a year earlier and about 19 percent more than in the previous month, ship-tracking data from industry sources and Thomson Reuters Analytics showed. "There was heavy maintenance at some refineries in July-August. All those refineries have come online…

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China, Australia Ports Clogged as Coal, Ore Demand Soars

Around 300 ships caught in jam that would stretch 40 miles; freight rates for biggest coal, ore carrier hit 3-yr high. More than 300 large dry cargo ships are having to wait outside Chinese and Australian ports in a maritime traffic jam that spotlights bottlenecks in China's huge and global commodity supply chain as demand peaks this winter. With some vessels waiting to load coal and iron ore outside Australian ports for over a month, key charter rates have jumped to their highest in more than three years.

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Bulkers to Benefit as China Iron Ore Appetite Grows

It has been quite awhile since the global bulk carrier market has had much to cheer about, but U.S. dry bulk shippers are set to post strong revenue growth in the next two years thanks to soaring Chinese demand for high-grade iron ore from Brazil and Australia. To combat severe winter smog, China has slashed iron ore output, pushing steel mills in the world's second biggest economy to import more high-grade ore. China also wants to make pollution control a priority for the next three years.

File photo: Cheniere Energy

Sabine Pass LNG Plant Suffers Outage

Production at Cheniere Energy's Sabine Pass liquefied natural gas (LNG) export plant in Louisiana is running well below capacity, resulting in disruption to cargo loadings, trade sources said. Feed gas supply into the liquefaction plant plunged sharply during the weekend, data on the Thomson Reuters Eikon terminal showed. Flows fell to 630 million cubic feet/day on Jan. 19 from 3.2 billion cubic feet/day on Jan. 15. Freezing weather may have disrupted water supply to Sabine Pass, market sources said.

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India's Oil Imports Reach Record High in January

India imported a record 4.93 million barrels of oil per day (bpd) in January to feed its expanded refining capacity and meet rising demand, ship tracking data obtained from sources and data compiled by Thomson Reuters Oil Research & Forecasts showed. The world's third-biggest oil importer shipped in 13.6 percent more oil in January than a year earlier and about 12.5 percent more than the previous month, the data showed. Imports in January were high as state-run refiners, which operate two-third of India's nearly 5 million bpd capacity…

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S.Korea Fuel Oil Imports Soar

South Korea's move to shut coal-fired generators to control air pollution at the same time as nuclear reactors are going into scheduled maintenance is resulting in surging fuel oil imports, as utilities burn the dirty feedstock to meet power demand. South Korea's trade ministry said in February it would suspend five coal-fired power plants, with a combined capacity of 2.32 gigawatts (GW), from March to June, part of a broad campaign to reduce pollution. That plan may backfire, at least in the short-term.

File Image: A Hong Kong Container Terminal. (CREDIT: AdobeStock / (c) Marco 2811)

Hong Kong's Richest Man Li Ka-shing Retires

Li Ka-shing to retire after annual general meeting on May 10; will stay on as senior adviser to the group. Hong Kong's richest man, Li Ka-shing, announced his retirement as chairman of CK Hutchison Holdings Ltd on Friday, bringing to a close a rags-to-riches story that made him a hero in the freewheeling capitalist hub. Li, 89, will retire after the annual general meeting on May 10, the ports-to-telecoms conglomerate said in a filing to the Hong Kong bourse, passing the mantle to his eldest son Victor Li, who was named successor several years ago.

Dry bulk barges underway on U.S. waterways (Credit: AWO)

Importers Buy U.S. Corn at Record Pace

Importers are buying U.S. corn at the fastest pace since the mid-1990s, according to U.S. government data, as tightening stocks in Latin America prompt a rush to purchase cargoes of the grain from animal feeders worldwide. A deepening drought in Argentina and limited corn supplies in Brazil, two of the three largest exporters, have opened a window of opportunity for top supplier the United States, which has the largest available surplus for export. The shopping spree comes as a rare bit of good news for U.S.

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China-bound US Sorghum Diverted to Saudi Arabia, Japan

Four U.S. sorghum shipments initially bound for China have been diverted to other countries after Beijing's move last week to impose hefty anti-dumping deposits on imports of the grain from the United States, according to trade sources and Reuters shipping data.Three of the cargoes are now sailing for Saudi Arabia after being sold to a private buyer, a U.S. trader and a Middle East-based trading source with knowledge of the matter said Tuesday. A fourth ship is heading to Japan…

(Photo: Bolloré Transport & Logistics)

Bollore Under Formal Investigation in Africa Graft Probe

A French judge on Wednesday placed tycoon Vincent Bollore under formal investigation over allegations his company undercharged for work on behalf of presidential candidates in two African nations in return for port contracts.Bollore's company, Groupe Bollore, announced the decision by Judge Serge Tournaire, which came after Bollore had been questioned for two days by French fraud police.Bollore, whose logistics empire is a powerhouse in former French colonies across West Africa…

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Kenyan Fishermen Win Millions for Loss of Rights to New Port

Activists hailed a Kenyan court for ordering that almost 5,000 fishermen at a 14th century World Heritage Site receive millions in compensation for the loss of traditional fishing rights due to the construction of a major port.The fishermen in Lamu, the oldest Swahili settlement in East Africa, won 1.76 billion shillings ($18 million) in compensation this week from a court in the nearby town of Malindi, which also said their rights to culture and information had been violated."We were happy with the judgment…